Galaxy Digital (NASDAQ:GLXY) Shares Gap Up - Time to Buy?

Key Points

• Shares gapped up premarket — Galaxy Digital opened at $21.61 (prior close $20.63) and last traded $22.18 on ~1.13M shares, and Director Douglas R. Deason purchased 25,000 shares at $20.80, increasing his stake by ~73.5%.
• Analyst views are mixed: the consensus is a Moderate Buy with a $42.54 price target, but Goldman cut its target to $24/neutral while Rosenblatt and BTIG maintain buy ratings with $46/$50 targets and Weiss downgraded to sell.
• Fundamentals: Galaxy reported an EPS loss of ($1.08) that beat estimates by $0.16 but revenue missed at $10.37B versus $13.08B, and the stock trades at a high PE of 184.5 with a market cap of $8.62B.

Galaxy Digital Inc. (NASDAQ:GLXY - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $20.63, but opened at $21.61. Galaxy Digital shares last traded at $22.18, with a volume of 1,130,950 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. The Goldman Sachs Group reduced their price objective on Galaxy Digital from $27.00 to $24.00 and set a "neutral" rating for the company in a research note on Wednesday, February 4th. Rosenblatt Securities reaffirmed a "buy" rating and set a $46.00 price objective on shares of Galaxy Digital in a research report on Friday, January 30th. Citigroup started coverage on Galaxy Digital in a research note on Wednesday, February 25th. They set a "neutral" rating and a $25.00 price target for the company. Weiss Ratings cut shares of Galaxy Digital from a "hold (c)" rating to a "sell (d+)" rating in a research note on Thursday, March 5th. Finally, BTIG Research restated a "buy" rating and set a $50.00 price objective on shares of Galaxy Digital in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.54.

Galaxy Digital Stock Up 7.0%

The company has a debt-to-equity ratio of 0.80, a current ratio of 1.60 and a quick ratio of 1.60. The company has a market cap of $8.62 billion and a PE ratio of 184.50. The firm has a 50-day simple moving average of $24.72 and a two-hundred day simple moving average of $28.20.

Galaxy Digital (NASDAQ:GLXY - Get Free Report) last released its earnings results on Tuesday, February 3rd. The company reported ($1.08) earnings per share for the quarter, topping the consensus estimate of ($1.24) by $0.16. The company had revenue of $10.37 billion during the quarter, compared to the consensus estimate of $13.08 billion.

Insider Buying and Selling at Galaxy Digital

In related news, Director Douglas R. Deason purchased 25,000 shares of Galaxy Digital stock in a transaction dated Wednesday, February 4th. The stock was acquired at an average cost of $20.80 per share, with a total value of $520,000.00. Following the completion of the transaction, the director directly owned 59,000 shares of the company's stock, valued at $1,227,200. This trade represents a 73.53% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Trading of Galaxy Digital

Large investors have recently added to or reduced their stakes in the business. CWM LLC raised its holdings in shares of Galaxy Digital by 20.8% during the 3rd quarter. CWM LLC now owns 1,419 shares of the company's stock valued at $48,000 after purchasing an additional 244 shares in the last quarter. Victory Capital Management Inc. increased its position in Galaxy Digital by 2.1% during the third quarter. Victory Capital Management Inc. now owns 19,596 shares of the company's stock worth $663,000 after buying an additional 411 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Galaxy Digital by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 52,879 shares of the company's stock worth $1,182,000 after buying an additional 666 shares during the last quarter. Main Management ETF Advisors LLC boosted its stake in shares of Galaxy Digital by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 71,253 shares of the company's stock worth $1,593,000 after acquiring an additional 728 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Galaxy Digital by 2.3% during the 4th quarter. Cetera Investment Advisers now owns 32,963 shares of the company's stock valued at $737,000 after acquiring an additional 742 shares during the last quarter.

About Galaxy Digital

Galaxy Digital Holdings Ltd. NASDAQ: GLXY is a diversified financial services and investment management firm dedicated to the digital assets and blockchain technology sectors. Established in 2018 by Mike Novogratz, the company operates across trading, asset management, principal investing and advisory services. Galaxy Digital caters to institutional clients, high-net-worth investors and corporations seeking exposure to cryptocurrencies, decentralized finance (DeFi) protocols and other blockchain-based assets.

In its trading division, Galaxy Digital provides market-making, execution and over-the-counter (OTC) solutions for a wide range of digital tokens.

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